Published: Wednesday, May 15, 2013 at 1:00 a.m.

Last Modified: Tuesday, May 14, 2013 at 8:24 p.m.

SARASOTA - An Osprey businessman has bought the property that once housed Patrick's Restaurant on Main Street in downtown Sarasota for $2.65 million, records show.

Christopher J. Brown's purchase of 1400 Main St. marked his second acquisition of a Main Street property in recent months.

But the sale of the 22,325-square-foot restaurant building probably also officially ends plans by the former owner to revamp the site into an 18-story hotel.

Former owner Harry S. Walia first proposed an InterContinental luxury hotel for the site in 2006, and resurrected those plans with a Hyatt flag four years later.

Walia's plans for the 102-room Summerfield Suites project were rejected by the city in August 2010, though, on the grounds that the proposed hotel failed to meet city codes and exceeded height limits for the downtown area.

Patrick's, an iconic restaurant in downtown, moved to another Main Street location in 2011 after talks to extend the restaurant's lease stalled.

Walia paid $755,000 for the building in November 1992.

Brown, who bought the Beach Club nightclub at 5151 Ocean Blvd. on Siesta Key in August 2006 for roughly $4 million, financed the 1400 Main St. acquisition with a $1 million loan from SunTrust Bank, records show.

"At one time, the buildings had separate parcel ID's and were put under one parcel ID for possible development purposes," Brown said in an email. "They will be separated again after this closing."

The building now houses the Floribbean restaurant, which will be vacating the site at the end of this month.

Brown said Tuesday he has not yet decided what will occupy the former Patrick's and Floribbean space.

He is considering a variety of eateries and may even enter into a "joint venture with an experienced team of well-resourced individuals."

Walia will continue to own a smaller building adjacent to Brown's that is now occupied by a pizza shop and the Tropical Thai restaurant.

While the 1400 Main St. deal is Brown's most visible to date, it is not the only downtown property the Bradenton automobile wholesaler has acquired in the past year.

In November, he spent $2.8 million to buy a 24,336-square-foot office building at 1718 Main St. and a 4,442-square-foot shopping plaza at 1734 Main St.

<p><em>SARASOTA</em> - An Osprey businessman has bought the property that once housed Patrick's Restaurant on Main Street in downtown Sarasota for $2.65 million, records show.</p><p>Christopher J. Brown's purchase of 1400 Main St. marked his second acquisition of a Main Street property in recent months.</p><p>But the sale of the 22,325-square-foot restaurant building probably also officially ends plans by the former owner to revamp the site into an 18-story hotel.</p><p>Former owner Harry S. Walia first proposed an InterContinental luxury hotel for the site in 2006, and resurrected those plans with a Hyatt flag four years later.</p><p>Walia's plans for the 102-room Summerfield Suites project were rejected by the city in August 2010, though, on the grounds that the proposed hotel failed to meet city codes and exceeded height limits for the downtown area.</p><p>Patrick's, an iconic restaurant in downtown, moved to another Main Street location in 2011 after talks to extend the restaurant's lease stalled.</p><p>Walia paid $755,000 for the building in November 1992.</p><p>Brown, who bought the Beach Club nightclub at 5151 Ocean Blvd. on Siesta Key in August 2006 for roughly $4 million, financed the 1400 Main St. acquisition with a $1 million loan from SunTrust Bank, records show.</p><p>"At one time, the buildings had separate parcel ID's and were put under one parcel ID for possible development purposes," Brown said in an email. "They will be separated again after this closing."</p><p>The building now houses the Floribbean restaurant, which will be vacating the site at the end of this month.</p><p>Brown said Tuesday he has not yet decided what will occupy the former Patrick's and Floribbean space.</p><p>He is considering a variety of eateries and may even enter into a "joint venture with an experienced team of well-resourced individuals."</p><p>Walia will continue to own a smaller building adjacent to Brown's that is now occupied by a pizza shop and the Tropical Thai restaurant.</p><p>While the 1400 Main St. deal is Brown's most visible to date, it is not the only downtown property the Bradenton automobile wholesaler has acquired in the past year.</p><p>In November, he spent $2.8 million to buy a 24,336-square-foot office building at 1718 Main St. and a 4,442-square-foot shopping plaza at 1734 Main St.</p>